Accounts Receivable Automation. How to automate your AR Process?

This article is the second in a series that talks about the benefits of automating your accounts receivable process.

In my last article I discussed the Accounts Payable process. You can read more about that here! from invoice management to the merits of automating the process.

How to automate your accounts receivable process?

I like to start with the END in mind which I guess is where Accounts Receivable fits into the accounting function because it is the process whereby a company allocates received payments to the relevant customer accounts hopefully with minimal manual interaction in effect it is the management of the Sales Ledger. It is also one of the more cumbersome accounting tasks that is often very manual intensive prone to errors resulting in the slow down of customer invoices being paid on time.

It is a key component to the effective running of any organisation or company ensuring that bills are paid on time. Traditional methods can be labour intensive, slow and prone to error.

Accounts Receivable Automation.

How does automating the Accounts Receivable process work?

Capture

By caputuring information using an intelligent capture tool which can extract data automatically learning and storing information as it goes.

Managing the information

By managing the information in your system enabling faster retrieval for processing and eliminating the need for paper storage at the same time ensuring compliance.

Cash Allocation

Incoming payments can be allocated swiftly right down to the invoice level this information is remembered by the system so that subsequent payments can be matched.

What are the benefits of automating your accounts receivable process?

Real time view of your sales ledger

Clean sales ledger with no unallocated balances

Accurate management information and easier cash flow forecasting

Efficient credit management with accurate debtor days information available at all times

Digital Print Management Ltd

No unauthorised use, duplication, distribution or modification to any original content contained within this website is permitted without prior written permission of the author. All other trademarks and registered names are acknowledged.